India’s Top Choice For Securing Valuables Is Bank Locker During Special Occasions: Godrej Security Solutions Study

New Delhi: How do Indians keep a watch over their valuables at home during festivals, weddings, or other social gatherings? Although, there is growing awareness of security solutions that enable consumers to secure their property and possessions at home, the top choice for securing valuables remain the traditional cupboard at home or the bank locker.

Godrej Security Solutions, a division of Godrej & Boyce, the flagship company of the Godrej Group, has done a study titled “Decoding Safe and Sound: in the Indian Context” in light of the widening gap between home security awareness and implementation. The study reveals that ‘Safe and Sound’ to Indians are based on three key contexts: Health wellbeing, property security and technology safety. 38% of the respondents would store their valuables in a bank locker during festivals, weddings or other social occasions.

The focus on property security was re-emphasized when 38% of the respondents said they would be most conscious of the physical safety of the valuables or important documents stored when they were operating a bank locker.

With Indians embracing the celebrations of their favourite festivals and gearing up for wedding season and social gatherings without any restrictions after 2 years of tough battle with the pandemic, it was revealed that 38% of the respondents would store their valuables in a traditional cupboard at home during festivals, weddings or other social occasions.

These findings indicate that people continue to rely primarily on traditional ways of securing their valuables in banks and cupboards due to lack of smart security solutions available at home. These findings also poses a pertinent question; why are people reluctant to adapt to smart security solutions?

Pushkar Gokhale, Business Head at Godrej Security Solutions said, “Despite widespread awareness of the high crime rate across the country, the proactive adoption of security solutions like home safes, personal lockers, home cameras, and video door phones are still at the nascent stage. However, the need for home surveillance has been fuelled by the pandemic easing out and people moving out of their homes. Similarly, with increasing sophistication of cybercriminals, banks and financial institutions, people are worried of the physical safety of the valuables or important documents stored when they were operating a bank locker. We have learned from the survey that while there are technology solutions, there is a significant gap in their awareness and uptake. The major goal of this study was to highlight the importance of security, educate individuals about available options, and demonstrate how security system may result in a routine that is safer, more convenient, and flexible.”

The survey further revealed that 30 % of the respondents said that if they were operating the locker in a bank, they would be most conscious of accessing the locker easily so that they don’t have to call for any assistance. Last year, Godrej Security Solutions disrupted the banking security solution market by launching a new age lockers’ system to transform the banking institutions at the backdrop of the revised RBI guidelines for safe deposit lockers at banks, announced in August 2021. By eliminating reliance on manual interventions, the high-tech led safe deposit lockers offer consumers the convenience of keyless access while eradicating fraud and forgery.